Brown Page Content 1Federal Loan ProgramsAlthough Brown School students should only borrow federal student loans after every other aid opportunity has been exhausted, some students do find it necessary to borrow loans to pay for educational and living expenses not covered by scholarships or payments made directly to the university.Students who would like to be considered for Federal Financial Aid (work-study and student loans) must complete the Free Application for Federal Student Aid (FAFSA) for the appropriate academic year. The FASFA is available on October 1 of each year and should be completed with the student’s prior year federal tax return. The Washington University school code is 002520.You are able to submit your FAFSA through the myStudentAid mobile app. The app includes an IRS Data Retrieval Tool (IRS DRT), which electronically transfers your federal tax return into your FAFSA form. Note: Students working toward completing a graduate degree are automatically considered Independent for FAFSA purposes. No parent income information will need to be included.Before borrowing a loan, students are encouraged to utilize a loan repayment calculator to estimate monthly repayments which will after the grace period has ended. Students may also benefit from downloading the Debt Management Strategies packet, which is provided to current Brown School students in workshops offered each semester.Federal Student Loans Federal Direct Loan, Unsubsidized (Stafford)This loan is available to all graduate students as long as a valid FAFSA is on file with the university. The maximum award for each academic year is $20,500. The Unsubsidized (Stafford) loan has an interest rate of 4.3 percent that begins accruing when the loan is disbursed to the school. However, students are not required to begin paying on the principal or the interest until after they complete their program or drop below half-time status. The Unsubsidized (Stafford) has a six-month grace period. Federal Direct Graduate PLUS LoanIf a student needs financial assistance beyond the Perkins and/or the Unsubsidized (Stafford) loan, they may apply for the Federal Direct Graduate PLUS Loan, a credit-based loan which has an interest rate of 5.3 percent. If a student is approved for the PLUS loan, they may borrow up to their annual Cost of Attendance (as calculated by the university) minus any other financial aid (scholarships, loans or work-study). The PLUS loan begins accruing interest when the loan is disbursed to the school. Like the Unsubsidized (Stafford) loan, though, borrowers do not begin repayment until after they complete their program or drop below half-time status. The PLUS loan has a six-month grace period. Note: The Federal Direct Loan, Unsubsidized (Stafford) and the Federal Direct Graduate PLUS loan have a variable fixed interest rate. The interest rates for those loans may vary between academic years. However, once a student borrows a loan, the interest rate for that loan is fixed for the life of that loan.